KODAKCoin

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Kodak, it seems, is the latest company to jump on the cryptocurrency bandwagon, which if nothing else had effectively pumped up their stock price:

http://www.bbc.co.uk/news/technology-42630136

There'll be a cryptocurrency called KODAKCoin, which they suggest can be used to pay for image use, and a blockchain-based image licensing system called KODAKOne, which seems to include Pixsy-style infringement detection. They've also announced a conventional Bitcoin mining scheme where you pay for capacity on the 'KashMiner' rigs they are installing at Rochester, driven by cheap surplus capacity from the old company power station.

Smart business move or desperate bid for a piece of the action?
 
Who knows could be a winner I bought quite a few bitcoins years ago for buying things on the internet that only offered that payment option. Had quite a few left over and sold them a couple of months ago and made a killing. Enough for a mega holiday and to sort Christmas. :D
 
I must admit. I don't understand this stuff either. I don't understand how this stuff is 'mined'/created, I don't really understand how it is used as a currency and I'm not sure how it is valued. I like to think I'm fairly switched on with most stuff but this goes flying right over my head.
 
Using surplus capacity on the power plant is smart if it’s a better return than selling to the local grid, not sure private investors buying time on these machines is quite so clever but it nicely moves the risk on to a third party. From what I've read Kodak is leasing space and selling electricity to a third party who you then buy time from (with a Kodak label on it).


Their blockchain project smacks of me to, worked so well in in the late 90's .com boom (till it spectacularly didn't)
 
gad-westy said:
I must admit. I don't understand this stuff either. I don't understand how this stuff is 'mined'/created, I don't really understand how it is used as a currency and I'm not sure how it is valued. I like to think I'm fairly switched on with most stuff but this goes flying right over my head.
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For all intents and purposes mining is just the act of doing the calculations that the nework runs on. Its value and use as a currency is the same as any other comodity "people" decide how much its worth, usually very large investors, the fact it is unique and (fairly) easily transfered means it can be used as an advanced barter, much like any other currency when you think about it.
 
gad-westy said:
I don't understand how this stuff is 'mined'/created
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Let me try to explain.

There is a whole class of computational problems for which it's impossibly difficult to find a solution.
It fact the very nature of these problems means that the only way to solve them is by brute force - i.e. you try possible solutions one by one until you find the correct one. And there is one and only one that is correct, guaranteed.
It is however very easy to check if the solution is correct - you simply plug the numbers into a formula and it's either true of false.
So once you found a solution you can publish it and everyone can quickly verify it.


A blockchain is literally a chain of blocks of data BLOCK0------>BLOCK1------>BLOCK2------>BLOCK2------>BLOCK3------>......------>BLOCKN
Nothing to do with currency so far.
To create the next block you take the last known block add some data for the next block, construct a problem from it and brute force it.
Problem is constructed in a well known and deterministic way, i.e. anyone who takes block1243434 + the same additional data will get an exact same problem.
Once you found a solution, you create a new block, add it to the chain and publish it.
Everyone then verifies your solution and if it's correct and you were first to publish it, your block gets accepted and you get a reward for your efforts.

Because every block contains a solution of a problem based on the previous block, the chain is always in verified state.

A Cryptocurrency is simply a blockchain where every block contains some number of last transactions and, as above, the solution to the problem constructed from these transactions + data from previous block

Your reward for creating the new block is some amount of coins which you also record into the block you create against your ID.
So basically you earn money by recording other people transactions into blockchain.
This process is called mining


gad-westy said:
I don't really understand how it is used as a currency and I'm not sure how it is valued.
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It is valued in the same way as gold or diamonds. The only reason they are expensive is because they are difficult to mine and people decided to put value on them. There are very little practical uses of either.
 
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Cheers for explaining folks. I'm a little clearer though still a little confused as to how they have attained such value. I understand supply vs demand. It's where the demand comes from that I'm not clear on. But yes, I can see that the same might be said of gold or diamond.
 
For the first couple of years the value came mostly from computer nerds and libertarian nuts but then it started hitting the headlines and the rest is history.
 
Sounds to me like this cryptobollox is just another way for people with lots of money to make even more money without actually doing anything.
 
They should have called it 'Exposure' since that's what many people are offering photographers these days in lieu of actual payment.
 
f/2.8 said:
Who knows could be a winner I bought quite a few bitcoins years ago for buying things on the internet that only offered that payment option. Had quite a few left over and sold them a couple of months ago and made a killing. Enough for a mega holiday and to sort Christmas. :D
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I thought this was talkphotography not the financial times :)
 
Its easy enough to make money out of cryptocurrency...but only if your brave enough..

The value of coins is very volotile.. buy coins cheap and sell when it goes up... keep hold of the worth and buy again when it goes down using all what you made.. sell again when it goes up.. and so on.. eventually your coin count goes up.. I have over 31 thousand coins aftre starting with 20 thousand.. but its nerve wracking and your watching the market.. dropped really low two days ago and oing back up now.. very volotile..

I ahve stopped trading now and have decided to leave my 31k coins for 4 years and see what they are worth then :) so long term plan .....Because i still own them i havent actually made any money... i put £x amount in and thats what they are worth until i cash them out..

ps 31 thousand sounds a lot.. but its not when your paying a fraction of a euro for each one :)
 
gad-westy said:
Cheers for explaining folks. I'm a little clearer though still a little confused as to how they have attained such value. I understand supply vs demand. It's where the demand comes from that I'm not clear on. But yes, I can see that the same might be said of gold or diamond.
Click to expand...

I would think the demand is mainly from speculators buying Bitcoin in the hope that the price will increase to sell them later on. I can't imagine the uptake of people using it as an actually currency to be that high due to the volatility.
 
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